Intentions and motivations in senior entrepreneurship : a conceptual framework

Abstract

The topic of entrepreneurial activity at senior ages has recently grown in relevance, as a result of various factors including an increase in life expectancy, a decrease in retirement pensions due to pressures on public finances, and improvements in wellbeing at older ages which allow people to remain active and productive for longer. Although some research has been carried out on senior entrepreneurship, this is still a niche segment in academia where various gaps remain untapped, including on the antecedents of the entrepreneurial act. Foremost among these antecedents are the intentions and motivations of senior entrepreneurs, which are quite plausibly different from those of their younger counterparts but are still poorly understood. Although past studies have rather negative views on the reasons bringing seniors to entrepreneurship, there is a lack of consensus as a different and rosier picture has more recently emerged. Moreover, studies in the area mostly conflate the concepts of intentions and motivations, either using them as proxies of one another or even interchangeably as if they were the same. Additionally, most senior entrepreneurship studies are not grounded on a specific theory, focusing more on exploratory approaches. This paper addresses these gaps in the literature by proposing a conceptual framework that distinguishes and links the intentions and motivations of senior entrepreneurs, thereby deepening understanding of these two key antecedents to senior entrepreneurship. It develops theoretical foundations in this field by building on and extending transferrable theory from psychology and entrepreneurship, including the theory of planned behavior and self-determination theory. In addition to these theoretical contributions, this paper is of practical relevance because pension systems reforms and ageism on labor markets are already a generally inadequate and inconvenient reality that senior individuals have to deal with. Considering that senior entrepreneurship contributes to the alleviation of poverty among older individuals, this paper relates to SDG 1 (No Poverty). As entrepreneurship at a senior age is becoming a source not only of income but also of wellbeing, vitality and quality of life, this paper is also aligned with SDG 3 (Good Health and Well-Being). The second part of SDG 8 (Economic Growth) and part of SDG 9 (Industry and Innovation) relate to entrepreneurship research in general. Finally, senior entrepreneurship, as a segment of inclusive entrepreneurship, is very much aligned with SDG 10 (Reduced Inequalities).